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6. ALLOWANCE FOR LOAN LOSSES (Tables)
 12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
Summary Loan Loss Allowance Transactions

 

December 31, 2013 (in thousands)   Beginning Balance     Charge-offs     Recoveries     Provision     Ending Balance     Percentage of loans in each category to total     Individually Evaluated for Impairment     Collectively Evaluated for Impairment  
Allowance for loan losses:                                                
Construction/Land Development   $ 2,771     $ 2,127     $ 40     $ 3,323     $ 4,007       48.96 %   $ 1,560     $ 2,447  
Farmland     (2 )     -       -       -       (2 )     (.03 %)     -       (2 )
Real Estate     924       173       -       (351 )     400       4.89 %     154       246  
Multi-Family     (37 )     -       -       37       -       -       -       -  
Commercial Real Estate     1,113       201       42       (177 )     777       9.49 %     282       495  
Home Equity – closed end     360       159       -       (44 )     157       1.92 %     17       140  
Home Equity – open end     659       68       29       (144 )     476       5.82 %     9       467  
 Commercial & Industrial – Non-Real Estate     2,113       986       127       210       1,464       17.89 %     -       1,464  
 Consumer     51       173       14       264       156       1.91 %     -       156  
Dealer Finance     72       17       -       573       628       7.68 %     -       628  
Credit Cards     130       121       28       84       121       1.48 %     -       121  
   Unallocated     -       -       -       -       -       -       -       -  
Total   $ 8,154     $ 4,025     $ 280     $ 3,775     $ 8,184       100 %   $ 2,022     $ 6,162  

 

A summary of changes in the allowance for loan losses is shown in the following schedule:

 

December 31, 2012 (in thousands)   Beginning Balance     Charge-offs     Recoveries     Provision     Ending Balance     Percentage of loans in each category to total     Individually Evaluated for Impairment     Collectively Evaluated for Impairment  
Allowance for loan losses:                                                
Construction/Land Development   $ 2,071     $ 1,481     $ 192     $ 1,989     $ 2,771       33.98 %   $ 1,363     $ 1,408  
Farmland     145       -       3       (150 )     (2 )     (.02 %)     -       (2 )
Real Estate     625       482       -       781       924       11.33 %     146       778  
Multi-Family     92       -       -       (129 )     (37 )     (.45 %)     -       (37 )
Commercial Real Estate     2,285       424       48       (796 )     1,113       13.65 %     253       949  
Home Equity – closed end     91       69       -       338       360       4.42 %     29       243  
Home Equity – open end     867       -       -       (208 )     659       8.07 %     78       580  
 Commercial & Industrial – Non-Real Estate     457       776       62       2,370       2,113       25.90 %     277       1,836  
 Consumer     128       44       27       (60 )     51       .65 %     -       51  
Dealer Finance     -       -       -       72       72       .88 %     -       72  
Credit Cards     176       71       32       (7 )     130       1.59 %     -       130  
   Unallocated     -       -       -       -       -       -       -       -  
Total   $ 6,937     $ 3,347     $ 364     $ 4,200     $ 8,154       100 %   $ 2,146     $ 6,008  

 
Investment And Loan Receivables

Recorded Investment in Loan Receivables (in thousands):

 

December 31, 2013   Loan Receivable     Individually Evaluated for Impairment     Collectively Evaluated for Impairment  
                   
Construction/Land Development   $ 68,512     $ 14,259     $ 54,253  
Farmland     13,197       1,459       11,738  
Real Estate     154,628       1,194       153,434  
Multi-Family     11,797       -       11,797  
Commercial Real Estate     113,415       1,969       111,446  
Home Equity – closed end     10,228       488       9,740  
Home Equity –open end     47,358       100       47,258  
Commercial & Industrial – Non-Real Estate     25,903       242       25,661  
Consumer     10,163       2       10,161  
Dealer Finance     20,572               20,572  
Credit Cards     2,680       -       2,680  
Total   $ 478,453     $ 19,713     $ 458,740  

  

December 31, 2012   Loan Receivable     Individually Evaluated for Impairment     Collectively Evaluated for Impairment  
                   
Construction/Land Development   $ 71,251     $ 16,206     $ 60,787  
Farmland     12,259       1,481       12,259  
Real Estate     144,066       901       143,165  
Multi-Family     9,357       -       9,357  
Commercial Real Estate     123,819       2,128       122,233  
Home Equity – closed end     10,984       415       10,569  
Home Equity –open end     49,762       250       49,512  
Commercial & Industrial – Non-Real Estate     25,110       708       24,402  
Consumer     12,698       2       12,696  
Dealer Finance     3,725               3,725  
Credit Cards     2,788       -       2,788  
Total   $ 465,819     $ 22,091     $ 451,493  
Schedule of Aging of Past Due Receivables

Aging of Past Due Loans Receivable (in thousands)

 

    30-59 Days Past due     60-89 Days Past Due     Greater than 90 Days (excluding non-accrual)     Non-Accrual Loans     Total Past Due     Current     Total Loan Receivable  
December 31, 2013                                          
Construction/Land Development   $ 167     $ 735     $ -     $ 8,556     $ 9,458     $ 59,054     $ 68,512  
Farmland     -       -       -       -       -       13,197       13,197  
Real Estate     4,659       920       246       1,407       7,232       147,396       154,628  
Multi-Family     107       -       -       -       107       11,690       11,797  
Commercial Real Estate     858       -       -       1,474       2,332       111,083       113,415  
Home Equity – closed end     122       79       10       180       391       9,837       10,228  
Home Equity – open end     549       39       51       222       861       46,497       47,358  
Commercial & Industrial – Non- Real Estate     148       20       4       416       588       25,315       25,903  
Consumer     169       71       5       -       245       9,918       10,163  
Dealer Finance     335       72       11       -       418       20,154       20,572  
Credit Cards     21       3       -       -       24       2,656       2,680  
Total   $ 7,135     $ 1,939     $ 327     $ 12,255     $ 21,656     $ 456,797     $ 478,453  

     

    30-59 Days Past due     60-89 Days Past Due     Greater than 90 Days (excluding non-accrual)     Non-Accrual Loans     Total Past Due     Current     Total Loan Receivable  
December 31, 2012                                          
Construction/Land Development   $ 1,173     $ 598     $ -     $ 7,974     $ 9,745     $ 61,506     $ 71,251  
Farmland     1,524       -       -       -       1,524       10,735       12,259  
Real Estate     5,032       1,743       -       1,637       8,412       135,654       144,066  
Multi-Family     -       -       -       -       -       9,357       9,357  
Commercial Real Estate     3,238       124       -       1,823       5,185       118,634       123,819  
Home Equity – closed end     199       163       -       196       558       10,426       10,984  
Home Equity – open end     370       130       -       544       1,044       48,718       49,762  
Commercial & Industrial – Non- Real Estate     635       5       -       1,091       1,731       23,379       25,110  
Consumer     62       66       -       121       249       12,449       12,698  
Dealer Finance     -       -       -       -       -       3,725       3,725  
Credit Cards     10       13       -       -       23       2,765       2,788  
Total   $ 12,243     $ 2,842     $ -     $ 13,386     $ 28,471     $ 437,348     $ 465,819  

   
Consumer Credit Exposure

CREDIT QUALITY INDICATORS (in thousands)
AS OF DECEMBER 31, 2013
Corporate Credit Exposure
Credit Risk Profile by Creditworthiness Category

  

    Grade 1 Minimal Risk     Grade 2 Modest Risk     Grade 3 Average Risk     Grade 4 Acceptable Risk     Grade 5 Marginally Acceptable     Grade 6 Watch     Grade 7 Substandard     Grade 8 Doubtful     Total  
Construction/Land Development   $ -     $ -     $ 3,166     $ 25,657     $ 11,116     $ 2,946     $ 25,627     $ -     $ 68,512  
Farmland     69       -       1,406       5,206       4,816       143       1,557       -       13,197  
Real Estate     -       562       68,241       52,190       19,037       7,821       6,777       -       154,628  
Multi-Family     -       668       4,442       2,275       4,412       -       -       -       11,797  
Commercial Real Estate     -       1,897       18,062       55,350       21,677       13,406       3,023       -       113,415  
Home Equity – closed end     -       -       4,574       3,117       1,870       281       386       -       10,228  
Home Equity – open end     -       1,482       13,308       26,734       4,840       327       667       -       47,358  
Commercial & Industrial (Non-Real Estate)     815       92       3,631       16,265       3,108       1,516       476       -       25,903  
Total   $ 884     $ 4,701     $ 116,830     $ 186,794     $ 70,876     $ 26,440     $ 38,513     $ -     $ 445,038  

 

Consumer Credit Exposure  
Credit Risk Profile Based on Payment Activity  
    Credit Cards     Consumer  
Performing   $ 2,680     $ 30,719  
Non performing     -       16  
Total   $ 2,680     $ 30,735  

  

CREDIT QUALITY INDICATORS (in thousands)
AS OF DECEMBER 31, 2012
Corporate Credit Exposure
Credit Risk Profile by Creditworthiness Category

 

    Grade 1 Minimal Risk     Grade 2 Modest Risk     Grade 3 Average Risk     Grade 4 Acceptable Risk     Grade 5 Marginally Acceptable     Grade 6 Watch     Grade 7 Substandard     Grade 8 Doubtful     Total  
Construction/Land Development   $ -     $ 831     $ 4,400     $ 16,616     $ 15,783     $ 9,013     $ 24,608     $ -     $ 71,251  
Farmland     70       -       1,544       4,327       4,214       524       1,580       -       12,259  
Real Estate     -       448       36,342       69,670       22,413       6,472       8,721       -       144,066  
Multi-Family     -       632       2,185       1,815       4,725       -       -       -       9,357  
Commercial Real Estate     -       2,033       18,663       56,624       28,650       4,910       12,939       -       123,819  
Home Equity – closed end     -       -       2,280       6,198       1,268       530       708       -       10,984  
Home Equity – open end     -       1,460       15,294       26,595       4,735       694       869       115       49,762  
Commercial & Industrial (Non-Real Estate)     -       87       3,505       15,448       3,621       531       1,918       -       25,110  
Total   $ 70     $ 5,491     $ 84,213     $ 197,293     $ 85,409     $ 22,674     $ 51,343     $ 115     $ 446,608  
                                                                         

 

Consumer Credit Exposure  
Credit Risk Profile Based on Payment Activity  
    Credit Cards     Consumer  
Performing   $ 2,788     $ 16,404  
Non performing     -       19  
Total   $ 2,788     $ 16,423  

Description of loan grades: